Rs 1 crore health insurance policy soon, courtesy New India Assurance

Coimbatore: Public sector New India Assurance Company Ltd said it has formulated a health insurance scheme for high net-worth individuals with a sum insured of up to Rs 1 crore and was awaiting the approval of the Insurance Regulatory and Development Authority of India (IRDAI) for the launch.

The new product would have advance features and the sum insured could go up as high as Rs 1 crore and the approval of IRDAI was expected in one month, New India Assurance Chairman-cum-Managing Director G Srinivasan told reporters here.

"The sum insured on this new product could go up to Rs 1 crore and will include many advanced features, besides having complete protection to policy holders and family, in any eventuality," he said.

Apart from this, the company had also made changes to its Mediclaim 2012 product by removing some of the deficiencies, he said.

"This is expected to be rolled out in three to four months and the improved product is also awaiting the IRDA approval," said Srinivasan, who is here for the Silver Jubilee celebrations of the company's Coimbatore Regional office.

On the company's performance, he said it had set a target of Rs 21,000 crore as premium collection this year as against Rs 18,431 crore in 2015-16.

As on October 30, the company had already made a premium collection of Rs 13,000 crore, an increase of 25 per cent compared to the corresponding period last year, he said.

With a market share of 17 per cent in in the country, the company had issued 2.5 crore policies covering 35 crore people, with a claim settlement rate of 96 per cent, he said.

On the impact of demonetisation on premium payments, Srinivasan said initially there was a drop from cash payers, "but now it is made good and business is normal."